Companies Act 2014

65. (1) Each provision of this section applies save to the extent that the company’s constitution provides otherwise.

(2) A company may, by ordinary resolution—

(a) convert any of its paid up shares into stock; and

(b) reconvert any stock into paid up shares of any denomination.

(3) Subject to
subsection (4), the holders of stock may transfer the stock, or any part of it, in the same manner
and subject to the same regulations as, and subject to which the shares from which
the stock arose might, previously to conversion, have been transferred, or as near
thereto as circumstances admit.

(4) The directors of a company may from time to time fix the minimum amount of stock
that is capable of being transferred but any such minimum so fixed shall not exceed
the nominal amount of each share from which the stock arose.

(5) Subject to
subsection (6), the holders of stock shall, according to the amount of stock held by them, have
the same rights, privileges and advantages in relation to dividends, voting at meetings
of the company and other matters as if they held the shares from which the stock arose.

(6) No such right, privilege or advantage (except participation in the dividends and
profits of the company and in the assets on winding up) shall be conferred by an amount
of stock which would not, if existing in shares, have conferred that right, privilege
or advantage.

(7) Such of the regulations of a company as are applicable to paid up shares shall
apply to stock of the company, and the words “share” and “shareholder” in those regulations shall be read as including “stock” and “stockholder”, respectively.